Here’s the New Going Rate for a One-Carat Diamond Engagement Ring

iStockphoto.com/Derek Latta

You’ve probably heard the age-old adage that guys should expect to spend three months’ salary on an engagement ring. It’s not a concrete rule—more of a point of reference for those who are unsure what an appropriate price range is—and we often find that what to spend on an engagement ring (obviously an extremely personal decision) comes down to more many factors than simply salary versus cost. 

However, for those ring shoppers who are budgeting based on salary, here’s news you’ll probably like: The cost of engagement rings has decreased in recent years, and a one-carat diamond is now equivalent to just eight weeks’ salary ($7,300) for the average American worker.

Bloomberg compared the price of a one-carat diamond against the average hourly wage and found that the weeks of work required to pay for a diamond have steadily declined since mid-2011. The cause? Changing views, particularly in the U.S., Europe and Japan, about diamonds as a status symbol and the trend towards nontraditional weddings.

Again, how much someone wants to spend on an engagement ring is entirely up to them—but this is some interesting food for thought in case you’re curious about today’s going rate.

RELATED: Here’s Everything You Need to Know About Taking Care of Your Engagement Ring

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